LIFO


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LIFO

[′lī‚fō]
(industrial engineering)

LIFO

LIFO

(Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO.
References in periodicals archive ?
However, after backing out the LIFO credit recorded for the quarter and the prior year's charge, FIFO gross margin fell 103 basis points to 28.
Earnings for the 2013 quarter included $59 million in acquisition-related amortization; $38 million in tax add-back; $7 million in acquisition-related costs; the aforementioned $8 million for the change to AmerisourceBergen; a $5 million LIFO credit; and a $62 million gain on an increase in the fair market value of warrants.
1363(d) prevents a taxpayer from avoiding the BIG tax related to the LIFO recapture amount, it does not eliminate the need to consider additional built-in gain related to LIFO inventory.
The IRS tax conformity rule IRC [section] 472(c) requires that companies using LIFO for tax purposes have to use LIFO for income measurement in financial accounting, too.
The criticisms of LIFO as a financial reporting method are well known; they include the contention that LIFO creates inefficiencies in business operations and may facilitate earnings management (Edward D Kleinbard, George A.
Class discussion should begin with a review of LIFO and FIFO inventory costing methods and the Altman Z-score model.
The choice between the two is typically based on a comparison of the advantages from using LIFO with the disadvantages.
To find out if other contact center veterans agreed with the LIFO routing changeup, I posted the information on our blog site to see if it would solicit any thoughts.
Even if companies were no longer permitted to use LIFO for financial reporting, they could continue to use it to calculate taxes if either the Treasury or Congress eliminated the LIFO conformity rule that requires companies to use the same inventory accounting method for tax returns as for their financial reports.
481(a) adjustment will be substantial, because the beginning inventory amount under LIFO includes purchases from many years earlier.
The study aimed to develop a model that predicts the choice of inventory system through a comparison of long-time FIFO users with long-time LIFO users.